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1.During the year, Sereno Co. recorded prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. At the end of its annual accounting period, the company must make three adjusting entries: (1) accrue salaries expense, (2) adjust the Unearned Services Revenue account to recognize earned revenue, and (3) record services revenue earned for which cash will be received the following period. For each of these adjusting entries (1), (2), and (3), indicate the account from a through i to be debited and the account to be credited.
a. Prepaid Salaries b. Cash c. Salaries Payable d. Unearned Services Revenue e. Salaries Expensef. Services Revenue g. Accounts Receivableh. Accounts Payable i. Equipment
Compute the per-unit sales price that Sutherland should charge Desk-Mate to earn $500,000 in monthly pretax profit on the sale of drives to Desk-Mate. Show your work on how you came up with answer.
at the end of each year a self-employed person deposits 1500 in a retirement account that earns 10 percent annually.a
The company completed consulting work for a client and immediately collected $6,500 cash earned. The company completed commission work for a client and sent a bill for $5,000 to be received within 30 days. Enter the impact of each transaction on indi..
How does this change affect the incentives for working? b. How might this change represent a trade-off between equality and efficiency?
Prepare, in journal form, worksheet adjustments for The City leveied property taxes for the current fiscal year in the amount of $10,000,000 When making the entries.
Hank is a U.S. citizen and is doing a three to six year assignment as a sales executive in Paris for a French company, which began this year. Hank earned $109,500 working for the French company this year but only lived in France for 340 days (out of ..
Evaluate the engineering project when the MARR is 15% per year. Is the project acceptable? Project A Investment cost $10,000. Expected life 5 years. Market Value -$1,000. Annual receipts $8000. Annual expenses $4000.
In an organization that does not use responsibility accounting, where would the various costs be assigned? What effect might this have on future printing orders from the marketing department?
Wentworth Limited, a large conglomerate firm, plans to build a new toll way. The cost (NINV) of the project is expected to be $2 billion. Net cash inflows are expected to equal $550 million per year. How many years must the firm generate this cash in..
qkimm company has gathered the subsequent information about its product.direct materials every unit of product contains
A company paid $150,000, plus a 7% commission and $5,000 in closing costs for a property. The property included land appraised at $87,500, land improvements appraised at $35,000, and a building appraised at $52,500. What should be the allocation of t..
(Components of internal control) The chapter identified five components of internal control. Listed below are specific control policies and procedures prescribed by Suntron Company. dentify the components of internal control to which each policy or p..
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